FM asks ministries to frontload capital expenditure
New Delhi
29-June-2021
Finance Minister Nirmala Sitharaman on Tuesday asked the ministries and respective departments to make efforts to frontload capital expenditure.
The minister held a virtual meeting with senior government officials to discuss the infrastructure roadmap ahead. This was the sixth review meeting by the Finance Minister with ministries and departments on the infrastructure roadmap.
While reviewing the progress, the Finance Minister asked the Ministry of Housing and Urban Affairs to expedite the capital expenditure and make efforts for frontloading it, said an official statement, adding that the Steel Ministry was asked to frontload capex and facilitate private investment by providing support and removing bottlenecks.
Similarly, Sitharaman also asked the Ministry of Petroleum and Natural Gas to expedite monetisation of assets during FY 2021-22.
The Department of Space on the other hand was asked to focus on domestic procurement wherever possible.
Sitharaman also highlighted that the infrastructure expenditure is not just Central Government budgetary expenditure on infrastructure and includes infrastructure spending by state governments and private sector. It also includes government expenditure through extra-budgetary resources.
Therefore, ministries are to actively work on getting projects funded through innovative structuring and financing and provide all support to private sector for enhancing infrastructure spending, said a Finance Ministry statement.
The Finance Minister also added that the ministries also need to explore Public Private Partnership (PPP) mode for viable projects. Sitharaman also asked the ministries and their CPSEs to ensure clearance of Micro, Small & Medium Enterprises (MSME) dues by July 31, 2021.
She also asked the secretaries of ministries to push expenditure on large important projects to ensure that the achievement is commensurate with timelines.
Sitharaman also asked the ministries to take up regular reviews of sector-specific projects with the concerned state governments for effective implementation of the same.-IANS
More Headlines
Sanjay Raut Questions Increase In Maha Voting Percentage After 11 Days
Rohit Nagdewani’s Fresh From Farm Raises $2 Million, Aims For Aggressive Expansion in Delhi/ NCR
IIT Roorkee Startup Wins DRDO's 'Dare to Dream 4.0' with Innovative Gun-Shot Detection Tech
OpenAI Targets India's AI Mission: New Hire Pragya Misra to Lead Collaboration Efforts
Prajwal Revanna Likely To Return On Friday, SIT To Take Him Into Custody At Bengaluru Airport
Sanjay Raut Questions Increase In Maha Voting Percentage After 11 Days
Rohit Nagdewani’s Fresh From Farm Raises $2 Million, Aims For Aggressive Expansion in Delhi/ NCR
IIT Roorkee Startup Wins DRDO's 'Dare to Dream 4.0' with Innovative Gun-Shot Detection Tech
OpenAI Targets India's AI Mission: New Hire Pragya Misra to Lead Collaboration Efforts
Prajwal Revanna Likely To Return On Friday, SIT To Take Him Into Custody At Bengaluru Airport